Ritz-Carlton Hotel, the luxury hotel chain owned by hotelier Conrad Black, plans to close its doors and shut down the 1,200-room hotel, leaving 1,100 employees to make ends meet and save the remaining 1,500 employees, a company spokesperson said.
The company also will hire 100 new employees, including 30 new employees in the hotel’s senior leadership team, the spokesperson said in an email to Bloomberg.
Ritz has about 8,000 employees worldwide and employs about 1,700 people.
The hotel chain is one of the largest hotel chains in the U.S., with about 7,000 rooms and suites.
The resort has struggled financially in recent years.
The average occupancy rate in the resort was 31.7 percent in the first quarter, according to data from data provider RealtyTrac.
The chain has been in bankruptcy protection since January 2015, when Black’s father, Conrad, purchased the chain.
It has a net loss of $9.4 billion, according in a recent regulatory filing.